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Whitehaven Coal Limited : Annual Report 2012
124 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2012 33. SHARE-BASED PAYMENTS (CONTINUED) b) Types of share-based payment plans (continued) Option grant to senior employees on 1 May 2012 The Company issued options to Mr Kane (Chief Operating Officer -- Aston and Boardwalk Operations) in recognition of shares in Boardwalk Resources that Mr Kane was entitled to under his previous employment arrangements. The options have an exercise price of $0.0001 per option, resulting in a total payment on exercise of $97.43. Mr Kane's options vested on 1 August 2012 and are exercisable from 1 October 2012. Whilst the options do not have any performance conditions attached to them (as they were granted in consideration for shares that Mr Kane was already entitled to under his previous employment arrangements), they are subject to a continuous service condition until 1 March 2014. If Mr Kane resigns or is terminated for cause prior to 1 March 2014, he will forfeit any options that remain unexercised and any shares he receives on exercise of the options. Option grant to ex-Aston option holders on 2 May 2012 The Company issued fully vested options over Whitehaven shares to Aston option holders as part of the Scheme of Arrangement. The terms and conditions of the grant are as follows. Option Exercise price Number of instruments Vesting conditions Expiration date Tranche 1 $3.15 8,619,278 Vested on issue 17 August 2015 Tranche 2 $3.33 12,354 Vested on issue 10 November 2015 Tranche 3 $4.73 8,241,278 Vested on issue 17 August 2016 Shares granted to ex-Boardwalk employees on 1 May 2012 The Company issued Whitehaven shares to Boardwalk employees in order to remunerate them for Boardwalk shares they would have become entitled to as part of the proposed Boardwalk LTI scheme. A total of 400,060 shares were issued at a price of $5.18.
Annual Report 2011
Annual Report 2013